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FTX releases $900M to creditors
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FTX releases $900M to creditors

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  • FTX began its fifth creditor distribution, with about $900 million allocated to eligible claimants.
  • Former customers reported receiving funds through distribution providers including Kraken, with BitGo and Payoneer also handling payments.
  • The latest round brings estimated distributions from the FTX Recovery Trust to about $11 billion.

The FTX Recovery Trust began its fifth distribution round, releasing about $900 million to eligible creditors of collapsed cryptocurrency exchange FTX.

Former FTX customer Sunil Kavuri reported receiving his payment through Kraken after being notified that the Recovery Trust had transferred the funds.

FTX previously said eligible creditors should receive their payments through BitGo, Kraken or Payoneer within one to three business days from 31 July.

The distribution covers eligible Convenience and Non-Convenience Class creditors who completed required steps by the 16 June record date.

The latest round brings estimated distributions by the FTX Recovery Trust to about $11 billion since repayments to affected customers began.

FTX filed for bankruptcy in November 2022 after a liquidity crisis exposed problems involving customer funds and associated trading firm Alameda Research.

Former FTX chief executive Sam Bankman-Fried remains in federal prison after his conviction on fraud and conspiracy charges linked to the exchange's collapse.

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